Flat Job Openings for Construction

2025-07-01T11:14:49-05:00

The count of open, unfilled positions in the construction industry held steady amid a slowdown for housing, per the May Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The number of open jobs for the overall economy increased slightly from 7.40 million in April to 7.77 million in May. This is smaller than the 7.90 million estimate reported a year ago and reflects a softened aggregate labor market. However, the May estimate was a stronger number than expected and runs counter to some other, recent negative reporting of labor market data. Previous NAHB analysis indicated that this number had to fall below 8 million on a sustained basis for the Federal Reserve to move forward on interest rate reductions. With estimates remaining below 8 million for national job openings, the Fed, in theory, should be able to cut further despite a recent pause. There is growing pressure on the Fed to do so. The number of open construction sector jobs was effectively unchanged from a revised 242,000 in April to 245,000 in May. This nonetheless marks a significant reduction of open, unfilled construction jobs than that registered a year ago (375,000) due to a slowing of construction/housing activity. The chart below notes the recent decline for the construction job openings rate, which is now near the lows of 2019. The construction job openings rate was steady at 2.8% in May, although significantly lower year-over-year from 4.4%. The layoff rate in construction held at 2% in May. The quits rate increased on a monthly basis to 2.3%, the same as a year ago. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Flat Job Openings for Construction2025-07-01T11:14:49-05:00

Soft Job Openings Estimate for Construction

2025-04-01T10:14:37-05:00

After a period of slowing associated with declines for some elements of the residential construction industry, the count of open construction sector jobs remained lower than a year ago, per the February Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The number of open jobs for the overall economy declined from 7.76 million in January to 7.57 million in February. This is notably smaller than the 8.45 million estimate reported a year ago and reflects a softened aggregate labor market. Previous NAHB analysis indicated that this number had to fall below 8 million on a sustained basis for the Federal Reserve to feel more comfortable about labor market conditions and their potential impacts on inflation. With estimates remaining below 8 million for national job openings, the Fed, in theory, should be able to cut further despite a recent pause. However, tariff proposals may keep the Fed on pause in the coming quarters. The number of open construction sector jobs increased from a revised 242,000 in January to 264,000 in February. This nonetheless marks a significant reduction of open, unfilled construction jobs than that registered a year ago (429,000) due to a slowing of construction activity because of ongoing elevated interest rates. The chart below notes the recent decline for the construction job openings rate, which is now back to 2019 levels. The construction job openings rate edged higher to 3.1% in February, significantly down year-over-year from 5%. The layoff rate in construction stayed low (1.8%) in February. The quits rate was flat at 2% in February. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Soft Job Openings Estimate for Construction2025-04-01T10:14:37-05:00

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